The document summarizes M&A activity in the staffing industry in Q4 2017 and full year 2017. Some key points:
- 34 staffing deals closed in Q4 2017, bringing the total for 2017 to 139 deals.
- Strategic buyers accounted for 80% of 2017 deals while private equity accounted for 20%.
- IT staffing saw the most deals in 2017 with 41 transactions. Healthcare staffing saw 23 deals.
- 86% of 2017 deals involved private buyers while 14% involved public companies.
- The market remains active with a strong pipeline of potential deals expected to close in 2018.
Staffing Industry M&A Landscape Q3 2015Duff & Phelps
In the first nine months of 2015, 89 staffing industry M&A transactions were completed by 79 different buyers. The third quarter of 2015 generated the most staffing M&A activity since Q2 2007.
Duff & Phelps' Staffing Industry Insights - Spring 2018 Report states that the staffing sector remains robust through Q1 2018, with 87% of staffing industry acquisition coming from strategic buyers. Read the report to know more.
Staffing Industry Insights - Summer 2018Duff & Phelps
Read Duff & Phelps staffing industry report for summer 2018 for notable staffing transactions. Staffing industry continues to benefit from a positive operating environment across most industry sectors this summer.
Staffing Industry M&A Landscape - July 2017Duff & Phelps
The second quarter of 2017 saw 34 staffing industry M&A transactions completed by 34 different buyers, a continuance of the strong M&A activity seen since the beginning of 2015. As the staffing industry maintains a positive operating environment across most industry sectors, an increasing number of owners are seeking to capitalize on their current strong performance by realizing value through either a sale or recapitalization transaction. Read the report for more detail on the staffing sector, transaction trends and market performance.
The SVB State of the Markets report provides a quarterly update on the health and productivity of the global innovation economy. This quarter's report includes a special section on the booming Chinese tech industry.
Staffing Industry M&A Landscape Q3 2015Duff & Phelps
In the first nine months of 2015, 89 staffing industry M&A transactions were completed by 79 different buyers. The third quarter of 2015 generated the most staffing M&A activity since Q2 2007.
Duff & Phelps' Staffing Industry Insights - Spring 2018 Report states that the staffing sector remains robust through Q1 2018, with 87% of staffing industry acquisition coming from strategic buyers. Read the report to know more.
Staffing Industry Insights - Summer 2018Duff & Phelps
Read Duff & Phelps staffing industry report for summer 2018 for notable staffing transactions. Staffing industry continues to benefit from a positive operating environment across most industry sectors this summer.
Staffing Industry M&A Landscape - July 2017Duff & Phelps
The second quarter of 2017 saw 34 staffing industry M&A transactions completed by 34 different buyers, a continuance of the strong M&A activity seen since the beginning of 2015. As the staffing industry maintains a positive operating environment across most industry sectors, an increasing number of owners are seeking to capitalize on their current strong performance by realizing value through either a sale or recapitalization transaction. Read the report for more detail on the staffing sector, transaction trends and market performance.
The SVB State of the Markets report provides a quarterly update on the health and productivity of the global innovation economy. This quarter's report includes a special section on the booming Chinese tech industry.
Commercial space for rent in hyderabad-manjeeratrinitycorporate.comManjeera Group
Best commercial space for rent in hyderabad visit the manjeera trinity corporate in hitech city road. For contact us at +91 9618500811 / +91 7337366004.
KMC MAG Group and its international associate, Savills, releases its bi-annual Asian Cities Report for Manila Office. The report, which covers the second half of 2015, features key market updates on the local office sector.
“Growth and comfort
do not co-exist”1
The world economy continues its transformation as
companies’ global operating footprints evolve based
on new opportunities, challenges and technology.
With growing political uncertainty, as well as new risks
and disruption ushered in by evolving technologies,
companies have to navigate an increasingly complex
international operating environment. This tenth edition
of IBM’s Global Location Trends report outlines the
latest trends in corporate location selection and how
today’s global dynamics influence where companies
locate, expand their businesses and create jobs
around the world.
Retail Cities: Asia Pacific’s Dynamic Food and Beverage Scene JLL
Asia Pacific’s diverse and vibrant F&B culture shows no sign of slowing with a strong outlook for the sector. In this issue we explore how International and homegrown retailers are responding to consumers new dining desires. This issue highlights sweet treats in Hong Kong, healthy choices in Singapore, celebrity chefs in Indonesia, coffee in South Korea and CBD living in Auckland. For more Asia Pacific Retail stories visit http://www.joneslanglasallesites.com/ap-retail-cities/
Trends in Healthcare Investments and Exits 2018 - Mid-Year ReportSilicon Valley Bank
In our mid-year Healthcare Investments and Exits report, we analyzed the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies.
Product Brochure with summarized information of our publication "Alipay Profile 2019".
Find more here: https://www.ystats.com/market-reports/alipay-profile-2019/
This Presentation about future of real estate. I've tried to explain this thing in a very easy way & understandable manner. I hope, reader will enjoy the reading.
The deals that defined Chicago’s 2015 commercial real estate marketJLL
In 2015, Chicago’s commercial real estate market saw a number of major deals get done, but this year’s most impactful deals were done outside of the traditional loop submarket.
From ConAgra Foods’ massive deal in River North at the iconic Merchandise Mart to Kraft Heinz’s major agreement to move into East Loop’s Aon Center to GrubHub’s large expansion into the Burnham Center in the Central Loop, high-profile tenants were signing big deals across a number of top Chicago submarkets.
2019 HRflag Global 50 HR Services Listed CompaniesHRflag
【June 26, 2019, Shanghai】Compiled by HRflag which is a communication platform, digital community and think tank leading in China's HR service industry, the “2019 HRflag Global 50 HR Services Listed Companies” global ranking is officially announced.
Staffing Industry M&A Landscape - October 2016Duff & Phelps
In the first nine months of 2016, 94 staffing industry M&A transactions were completed by 87 unique buyers. After a slow second quarter, staffing M&A activity reaccelerated in the third quarter of 2016 as sellers took advantage of favorable market conditions and the ample number of buyers interested in making acquisitions in the sector.
Mercer Capital's Value Focus: Real Estate Industry | Q1 2018 | Segment Focus:...Mercer Capital
Mercer Capital's Real Estate Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
Commercial space for rent in hyderabad-manjeeratrinitycorporate.comManjeera Group
Best commercial space for rent in hyderabad visit the manjeera trinity corporate in hitech city road. For contact us at +91 9618500811 / +91 7337366004.
KMC MAG Group and its international associate, Savills, releases its bi-annual Asian Cities Report for Manila Office. The report, which covers the second half of 2015, features key market updates on the local office sector.
“Growth and comfort
do not co-exist”1
The world economy continues its transformation as
companies’ global operating footprints evolve based
on new opportunities, challenges and technology.
With growing political uncertainty, as well as new risks
and disruption ushered in by evolving technologies,
companies have to navigate an increasingly complex
international operating environment. This tenth edition
of IBM’s Global Location Trends report outlines the
latest trends in corporate location selection and how
today’s global dynamics influence where companies
locate, expand their businesses and create jobs
around the world.
Retail Cities: Asia Pacific’s Dynamic Food and Beverage Scene JLL
Asia Pacific’s diverse and vibrant F&B culture shows no sign of slowing with a strong outlook for the sector. In this issue we explore how International and homegrown retailers are responding to consumers new dining desires. This issue highlights sweet treats in Hong Kong, healthy choices in Singapore, celebrity chefs in Indonesia, coffee in South Korea and CBD living in Auckland. For more Asia Pacific Retail stories visit http://www.joneslanglasallesites.com/ap-retail-cities/
Trends in Healthcare Investments and Exits 2018 - Mid-Year ReportSilicon Valley Bank
In our mid-year Healthcare Investments and Exits report, we analyzed the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies.
Product Brochure with summarized information of our publication "Alipay Profile 2019".
Find more here: https://www.ystats.com/market-reports/alipay-profile-2019/
This Presentation about future of real estate. I've tried to explain this thing in a very easy way & understandable manner. I hope, reader will enjoy the reading.
The deals that defined Chicago’s 2015 commercial real estate marketJLL
In 2015, Chicago’s commercial real estate market saw a number of major deals get done, but this year’s most impactful deals were done outside of the traditional loop submarket.
From ConAgra Foods’ massive deal in River North at the iconic Merchandise Mart to Kraft Heinz’s major agreement to move into East Loop’s Aon Center to GrubHub’s large expansion into the Burnham Center in the Central Loop, high-profile tenants were signing big deals across a number of top Chicago submarkets.
2019 HRflag Global 50 HR Services Listed CompaniesHRflag
【June 26, 2019, Shanghai】Compiled by HRflag which is a communication platform, digital community and think tank leading in China's HR service industry, the “2019 HRflag Global 50 HR Services Listed Companies” global ranking is officially announced.
Staffing Industry M&A Landscape - October 2016Duff & Phelps
In the first nine months of 2016, 94 staffing industry M&A transactions were completed by 87 unique buyers. After a slow second quarter, staffing M&A activity reaccelerated in the third quarter of 2016 as sellers took advantage of favorable market conditions and the ample number of buyers interested in making acquisitions in the sector.
Mercer Capital's Value Focus: Real Estate Industry | Q1 2018 | Segment Focus:...Mercer Capital
Mercer Capital's Real Estate Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
This paper was undertaken as an individual research by me during the summer of 2018. The main idea behind writing this paper was to familiarize myself with the current startup trends around the world and what makes a start-up attract huge amounts of funding from financial institutions and/or other big co-operations.
Mercer Capital's Value Focus: FinTech Industry | Mid-Year 2019 Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2017 Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
Mercer Capital's Investment Management Industry Newsletter | Q4 2018 | Focus:...Mercer Capital
Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Value Focus: Professional Services Industry | Mid-Year 2014Mercer Capital
Mercer Capital's Professional Services Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes a macroeconomic trends, industry trends, and guideline public company metrics.
Corporate and shareholder sentiment towards MA has rebounded since the dark days of 2008. Low borrowing costs have coaxed many new buyers, including acquisitive Chinese conglomerates, into the market. The prices of prized assets have risen accordingly. It remains a sellers market in technology-driven deals, particularly in the consumer-goods, financial services, and media and telecommunications sectors.
The WITCH Report: Healthcare IT Consulting Update (Annual Review 2017)Damo Consulting Inc.
Our second annual report on global technology consulting firms in the healthcare space tells us one thing: traditional technology consulting firms struggled in 2017 in the healthcare segment. Aspects covered in the WITCH Report include financial performance, mergers and acquisitions, customer wins, strategic partnerships, new product initiatives and leadership announcements.
AI in Financial Asset Management Market – Notable Developments, Upcoming Tren...ShivamGaur62
Machine learning, computer vision, and speech recognition technologies are in demand and major number of acquisitions in the recent years were associated with these technologies, and the same technologies will dominate the investment patterns in the coming years
More insightful information | Request a sample copy @ https://www.trendsmarketresearch.com/report/sample/9723
Duff & Phelps Quarterly Apparel Report - Spring 2018 aims to identify trends and provide insights across the apparel sector, including in-depth analysis of the global industry, focusing on key themes, issues and opportunities.
How can hospitalist programs manage the ongoing shift to value-based care, along with operating costs and the challenges of managing, recruiting and retaining high-quality physicians? Read the report to find out.
Capital Markets Insights – Late Fall 2018Duff & Phelps
What’s been an increase in growth and acquisition-related financings and recapitalization transactions? Read the fall edition of Duff&Phelps’ Capital Markets Insights.
Read Duff & Phelps’ detailed synopsis of the latest news and publications issued by France’s AMF affecting the asset management industry during the third quarter of 2018.
Healthcare Services Sector Update – October 2018Duff & Phelps
healthcare m&a advisory, best performing sectors in healthcare, healthcare services industry, m&a advisors in healthcare industry, Healthcare Services Index
In this edition of Regulatory Focus, the experts in Duff & Phelps round up the latest news and publications issued by the Financial Conduct Authority. Read more
Medical Device Contract Manufacturing Update – Fall 2018Duff & Phelps
The global medical devices contract manufacturing market was valued at $70 billion in 2017, and is forecasted to increase to $115 billion in 2022, a compound annual growth rate (CAGR) of 9.5%. Read the Medical Device Contract Manufacturing Update Report for market trends impacting the contract manufacturing organizations (CMO).
The Duff & Phelps cost trend update is now available for both the Construction Cost and Equipment Cost indices. This trend update dates back to 2015 and shows how the last four years has been relatively stable for construction after a decade of volatility, while the equipment cost indices continues to show moderate year-on-year changes. Please be reminded that these indices are just average indicators of change and they are not absolutes. Duff & Phelps advises that after five to seven years, you should establish a new replacement cost basis by using a qualified valuation professional. Please contact Brad Schulz at Duff & Phelps to discuss establishing a new replacement cost basis.
In this edition of Regulatory Focus, the experts in Duff & Phelps round up the latest news and publications issued by the Financial Conduct Authority. Read more
Hedge Fund and Private Equity Fund - Structures, Regulation and Criminal RisksDuff & Phelps
Duff & Phelps Managing Directors Ann Gittleman and Norman Harrison discussed structures, regulation and criminal risks in hedge fund and private equity fund at the Annual FBI conference in Washington, D.C. Read more in this report.
Food and Beverage M&A Landscape - Summer 2018Duff & Phelps
M&A deal activity in the food and beverage industry remains active, with more than 270 deals closed over the last twelve-month (LTM) period ended July 31, 2018. Mega-sized deals continued to make headlines, with several North American transactions closing at multibillion values since our Spring 2018 report. The largest transaction seen was the merger between Keurig Green Mountain Inc. and Dr. Pepper Snapple Group, at a value over $25 billion. Other large transactions include, Conagra Brands’ $10.9 billion acquisition of Pinnacle Foods Inc., a manufacturer and distributor of branded convenience food products in North America, as well as General Mills’ acquisition of Blue Buffalo Pet Products, Inc., a natural pet food company for $8.0 billion.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
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The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
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Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
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how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
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• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
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1. I N D U S T R Y I N S I G H T S :
Staffing Industry
M&A Landscape
January 2018
2. Staffing Industry M&A Landscape – Winter 2018
Highlights B Y T H E
N U M B E R S
34 staffing industry M&A
transactions completed by 32
different buyers were reported
in the fourth quarter of 2017.
139 staffing industry M&A
transactions were reported in
2017.
124 unique buyers have
completed a staffing company
acquisition in 2017.
86% of the staffing transactions
completed in 2017 were acquired
by either privately held buyers or
financial investors.
With a positive operating environment across most
industry sectors, an increasing number of staffing
company owners are seeking to capitalize on their
current strong performance by realizing value through
either a sale or recapitalization transaction.
Strategic buyers accounted for 80% of the staffing
industry acquisitions in 2017, with private equity (financial
buyers) investing in a new platform acquisition
accounting for the other 20% of the transactions.
– 28 new platform staffing investments were acquired
by financial investors in 2017 and 20 in 2016.
IT staffing continues to be the most active staffing M&A
sector, with 41 transactions reported in 2017.
Professional staffing companies (including IT, healthcare,
life sciences, finance and accounting and creative/digital
staffing) continue to see the most widespread demand
from buyers and investors.
Buyers continue to have very specific criteria as they
evaluate acquisition targets. Acquirers desire companies
with a strong blend of both revenue growth and
profitability, with significant attention paid to customer
diversification and the gross margin impact of potential
acquisitions. Proven management teams desiring to stay
on post-transaction also remain highly sought after.
139
34
124
86%
3. Staffing Industry M&A Landscape – Winter 2018
The fourth quarter of 2017 saw 34 staffing industry M&A transactions
completed by 32 different buyers, a continuance of the strong M&A activity
seen since the beginning of 2015. For all of 2017, 139 staffing industry M&A
transactions have been completed by 124 unique buyers. As the staffing
industry continues to benefit from a positive operating environment across
most industry sectors, an increasing number of owners are seeking to
capitalize on their current strong performance by realizing value through
either a sale or recapitalization transaction.
Announced transaction activity will likely remain robust in 2018, as we
continue to field a steady stream of inquiries from both strategic buyers and
financial investors, as well as potential sellers. Buyers reported seeing a
large surge in available deal opportunities right after Labor Day in 2017, so
the majority of these transactions will likely close in the first and second
quarters of 2018. This supports our observation that seller interest is
noticeably increasing, as improving operating results make valuation targets
more achievable. Additionally, many owners are increasingly mentioning the
potential risk of holding their business too long and missing the open window
that currently exists for completing a transaction.
Even as acquisition activity continues to flourish, buyers/investors continue to
have very specific criteria as they evaluate acquisition targets. Professional
staffing businesses, particularly those in the areas of IT staffing, healthcare
staffing and life sciences staffing, continue to generate the greatest buyer
demand. Acquirers are most interested in companies that have a strong
blend of both revenue growth and profitability, with significant attention paid
to customer diversification and the gross margin impact of potential
acquisitions. Proven management teams desiring to continue with the
business post-transaction also remain highly sought after. Conversely,
companies with flat or declining growth profiles, customer concentration or
without management teams staying on with the business post-transaction are
finding more limited buyer interest and, hence, less exciting valuation
multiples.
Staffing industry acquisition activity remains primarily driven by privately held
strategic buyers (many of whom are backed by private equity), as the larger
and better-known public staffing companies account for only a limited number
of transactions each year. 86% of the transactions in 2017 were completed
by privately owned buyers/investors, with only 14% of the acquisitions
completed by a publicly traded entity.
Strategic buyers (including those staffing companies primarily owned by
private equity investors) completed 80% of the staffing acquisitions in 2017.
This follows the 84% of announced acquisitions completed by strategic
acquirers in 2016. Private equity (financial buyers) continues to be an
attractive option for the largest- and fastest-growing staffing companies, with
28 new platform investments made in 2017 and 20 in 2016. Companies with
scale, excellent historical and projected growth rates and management teams
seeking to continue the growth of their businesses while taking some money
off the table are proving to be very attractive investment platforms for many
private equity investors interested in the business services sector.
IT staffing companies, especially those with a more relationship-oriented
direct sales model generating higher gross margins and double-digit EBITDA
margins, continue to be the single most attractive temporary staffing segment
for acquirers, as 41 of the 139 transactions reported in 2017 involved
companies whose predominate service offering was IT staffing. Healthcare
staffing companies are also seeing significant buyer interest and very
attractive valuation multiples, with 23 transactions completed in 2017. The
professional staffing segments (including IT, healthcare, life sciences, finance
and accounting and creative/digital staffing) all continue to see the most
widespread demand from buyers and, thus, the strongest valuations. The
light industrial/clerical staffing segment continues to produce a healthy
number of transactions, with 19 reported in 2017, although typically at lower
valuation multiples as compared to professional staffing.
M&A Activity –
Staffing Industry
4. Staffing Industry M&A Landscape – Winter 2018
M&A Activity –
Staffing Industry
Staffing Industry Transaction Activity – 2017Yearly Staffing Transaction Volume – 2007 to Dec. 31, 2017
Source: SEC filings, S&P Global Market Intelligence, Mergermarket, company press releases and
various news sources (e.g., Staffing Industry Analysts, American Staffing Association, The Deal, The
Wall Street Journal)
150
97
68
87
59
103 103 105
132
122
139
0
20
40
60
80
100
120
140
160
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Number of Deals
Public, 20.
14%
Private, 119.
86%
Public vs. Private Buyer
Financial,
28. 20%
Strategic,
111. 80%
Strategic vs. Financial Buyer
5. Staffing Industry M&A Landscape – Winter 2018
29%
16%
14%
14%
11%
7%
4%
4% 1%
M&A Activity by Staffing Industry Sector – 2017
Industry
Sector
No. of 2017
Transactions
IT Staffing 41
Healthcare 23
Light Industrial/Clerical 19
Other 19
Executive Search 15
Technical 10
F&A 5
PEO 5
Legal 2
M&A Activity –
Staffing Industry
Source: SEC filings, S&P Global Market Intelligence, Mergermarket, company press releases and
various news sources (e.g., Staffing Industry Analysts, American Staffing Association, The Deal, The
Wall Street Journal)
6. Capital Markets Industry Insights | Q1 2016Staffing Industry M&A Landscape – Winter 2018
The Canadian staffing industry has seen moderate growth
in 2017 as the economy continued its upward momentum
from 2016. Unemployment in the country dropped to 5.7%
in 2017, a 41 year low. As of December 2017, there were
15.1 million full-time employees and 3.6 million part time
workers across the country.
The office staffing and temp agencies industry in Canada is
expected to grow at an annualized rate of 3.3% over the
next five years. Canada’s GDP is expected to remain
strong, rising by 1.9% in both 2018 and 2019, which will
continue to stimulate demand for workers.
Additionally, significant minimum wage hike is expected to
come into effect in Ontario and Alberta in early 2018, which
may further drive demand for temporary staffing as
employers look to defray the spike in wage costs.
Canadian M&A Activity –
Staffing Industry
Source: Statsistics Canada, IBISWorld, Bank of Canada, various news sources (e.g. Toronto Star, CBC)
14,200
14,400
14,600
14,800
15,000
15,200
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2016 2017
3,250
3,300
3,350
3,400
3,450
3,500
3,550
3,600
3,650
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2016 2017
Full Time Employment
Part Time Employment
7. Capital Markets Industry Insights | Q1 2016Staffing Industry M&A Landscape – Winter 2018
Industrial staffing continues to represent the largest
percentage of the industry (29.4%), however IT staffing
(24.7%) is growing quickly and may become the largest
segment of the market as Canadian businesses rely more
on IT solutions to increase performance. Office and
administrations staffing (21.6%) has grown in line with the
rest of the industry and will likely be positively impacted by
the minimum wage hike. Engineering and technical
staffing (13%) saw a slight fall in revenue as the drop in oil
prices reduced the number of positions available.
Technical staffing will likely recover over the short to
midterm as the price of crude oil stabilizes.
Canadian M&A Activity –
Staffing Industry
Source: Statsistics Canada, IBISWorld, Bank of Canada, various news sources (e.g. Toronto Star, CBC)
Industrial Staffing
29%
Information
Technology Staffing
25%
Office and
Administrative
Staffing
22%
Engineering and
Technical Staffing
13%
Other
Professional
Service
Staffing
11%
Canadian Staffing Industry Segmentation
8. Capital Markets Industry Insights | Q1 2016Staffing Industry M&A Landscape – Winter 2018
Hire Dynamics, an Atlanta-based commercial staffing provider,
acquired StaffMasters effective Oct. 2. Both firms focus on the
Southeastern US. StaffMasters, headquartered in Charlotte, NC, is
a commercial staffing provider with 23 branches and eight on-site
locations across North Carolina and South Carolina. Its more than
715 clients include contact (call) centers, warehouse and logistics
operations, administrative services and manufacturing facilities.
Terms were not announced but the combined firms will count $220
million in annual revenue.
Both Hire Dynamics and StaffMasters will retain their brands.
Richard Langdon, founder of StaffMasters, will join the board of Hire
Dynamics and retain some ownership of the combined business.
“The companies both provide support for contact centers,
warehouses, administration and manufacturing, and both have
growing businesses in the Carolinas,” said Hire Dynamics CEO
Larry Feinstein. “StaffMasters branches are complementary to Hire
Dynamics branches and will expand our coverage.”
Hire Dynamics has operations throughout the Southeast and now
more than 800 clients. It is owned by Atlanta-based MSouth Venture
Partners.
Notable Staffing
Transactions – Q4 2017
Source: SEC filings, S&P Global Market Intelligence, Mergermarket, company press releases and
various news sources (e.g., Staffing Industry Analysts, American Staffing Association, The Deal, The
Wall Street Journal)
9. Capital Markets Industry Insights | Q1 2016Staffing Industry M&A Landscape – Winter 2018
Private equity firm Webster Capital Management LLC acquired
Cirrus Medical Staffing Inc. from A. Soriano Corp, also known as
Anscor, for a purchase price of $36.9 million, according to a filing
with the Philippine Stock Exchange. Anscor acquired Cirrus Medical
Staffing in early 2008.
“We are excited to partner with Cirrus to assist them in continuing to
staff high-quality healthcare professionals across the country,” said
David Malm, co-managing partner and head of healthcare services
at Webster Capital. “The company has an exceptional track record
and is well-positioned to capitalize on a range of growth
opportunities in the coming years.”
Cirrus Medical ranks on Staffing Industry Analysts’ list of largest
healthcare staffing firms in the US. The Charlotte, N.C.-based firm
was formed in 2004 and places travel nursing and allied healthcare
professionals nationwide.
Cirrus Medical Staffing Inc. owns 100% of Cirrus Holdings USA LLC,
a North Carolina limited liability company as well as Cirrus Global
Services Inc., a Philippine domiciled company that provides finance
and administrative support services.
Webster Capital is a Massachusetts-based private equity firm with
more than $600 million of committed capital.
Source: SEC filings, S&P Global Market Intelligence, Mergermarket, company press releases and
various news sources (e.g., Staffing Industry Analysts, American Staffing Association, The Deal, The
Wall Street Journal)
Notable Staffing
Transactions – Q4 2017
10. Capital Markets Industry Insights | Q1 2016Staffing Industry M&A Landscape – Winter 2018
New MainStream Capital announced it partnered with company
founder Tim Kinnetz in the recapitalization of Iowa-based GrapeTree
Medical Staffing LLC. GrapeTree will serve as the platform
investment in New MainStream Capital’s effort to build a provider of
CNA and RN staffing to long-term care facilities and hospitals on
both a per diem and contract basis. In connection with the
transaction, the private equity firm made a “substantial capital
commitment” that will be used to add employees, expand service
offerings and make strategic acquisitions.
In addition, New MainStream Capital operating executive council
member Bob Livonius will serve as a board member of GrapeTree.
Livonius most recently was president of workforce solutions for AMN
Healthcare Services (NYSE: AMN). He is also the former chairman
of the American Staffing Association, and currently serves on the
board of ettain group.
“GrapeTree is filling an important need in the marketplace that the
large players are missing — local, shorter duration assignments at
the CNA, LPN and RN level — and they’re doing it with technology
from a single location, resulting in higher fill rates with higher quality
healthcare professionals without sacrificing service level,” Livonius
said.
Kinnetz, a former travel nurse, founded GrapeTree in 1999 in
Milford, Iowa. The firm serves facilities across the Midwest and
focuses on CNA staffing in nursing homes and assisted living
facilities, as well as LPNs and RNs in hospitals. GrapeTree has
more than 100 employees and year to date 2017, more than 1,600
different healthcare professionals have worked at least one
GrapeTree shift.
Source: SEC filings, S&P Global Market Intelligence, Mergermarket, company press releases and
various news sources (e.g., Staffing Industry Analysts, American Staffing Association, The Deal, The
Wall Street Journal)
Notable Staffing
Transactions – Q4 2017
11. Capital Markets Industry Insights | Q1 2016Staffing Industry M&A Landscape – Winter 2018
Resources Connection Inc. (NASD: RECN) completed its acquisition
of Accretive Solutions Inc., a Chicago-based firm that provides
consulting, staffing and outsourcing services. Resources Connection
is paying $19.4 million in cash plus 1.15 million shares of restricted
common stock for the firm.
Accretive Solutions operates eight offices across the US. It will
transition into the RGP brand over the next six to nine months,
except for its Countsy brand, which provides a back-office suite of
services to startups. RGP continues to expect the transaction to
increase RGP’s revenue by approximately $65 million to $70 million
after nine to 12 months.
“We are confident that Accretive’s complementary capabilities will
strengthen RGP’s core competencies and we expect it will enable us
to capitalize on growth opportunities in key US geographies, capture
additional market share in the middle market, and expand our
offerings to startups,” said RGP President and CEO Kate Duchene.
“Today’s closing marks the start of an exciting new chapter for RGP
and Accretive, and we look forward to the significant value this
transaction can create for both our clients and shareholders.”
Source: SEC filings, S&P Global Market Intelligence, Mergermarket, company press releases and
various news sources (e.g., Staffing Industry Analysts, American Staffing Association, The Deal, The
Wall Street Journal)
Notable Staffing
Transactions – Q4 2017
12. Capital Markets Industry Insights | Q1 2016Staffing Industry M&A Landscape – Winter 2018
Private equity firm Olympus Partners acquired staffing provider Vaco
from Quad-C Management Inc., a middle market private equity firm.
Quad-C reported Vaco management was also an acquirer. Terms of
the transaction were not disclosed.
Quad-C invested in Vaco in 2014 in partnership with its management
team. Vaco completed seven acquisitions during Quad-C's
ownership, expanding its service offerings into healthcare IT and
extending its geographic footprint domestically, as well as into
Canada and India. Most recently, Vaco in August acquired Lannick, a
finance and accounting professional recruitment and consulting firm
serving the Greater Toronto Area. Including Lannick’s projected
revenue of $40 million for 2017, Vaco’s revenue for 2017 is expected
to surpass $458 million. The deal was Vaco’s largest acquisition to
date and its second international acquisition in four months.
Founded in 2002 and based in Nashville, Tenn., Vaco operates more
than 35 offices worldwide, with more than 780 employees and 4,300
consultants. Vaco provides consulting, contract and direct hire
services in sectors including accounting, finance, technology,
healthcare, operations and administration.
“We are beyond ecstatic to partner with Olympus,” said Vaco
Founder and CEO Jerry Bostelman. “Their contribution will be
invaluable as we explore how to more cohesively deliver our
complete solutions to clients, expand our service lines and
geographies throughout the globe and institutionalize the essence of
Vaco to ensure its eternal viability.”
Stamford, Conn.-based Olympus Partners manages more than $5.5
billion on behalf of corporate pension funds, endowment funds and
state-sponsored retirement programs.
Source: SEC filings, S&P Global Market Intelligence, Mergermarket, company press releases and
various news sources (e.g., Staffing Industry Analysts, American Staffing Association, The Deal, The
Wall Street Journal)
Notable Staffing
Transactions – Q4 2017
13. Capital Markets Industry Insights | Q1 2016Staffing Industry M&A Landscape – Winter 2018
Private equity firm Great Range Capital acquired Labor Source, a
professional staffing company headquartered in Olathe, Kan. The
investment team also included company management and The
Bradley Family Office (Berks Group). Brandon Sutherland, Labor
Source’s founder, retains significant ownership in the company and is
a key member of the senior management team, the company
reported. Labor Source’s new CEO is Mike Pitman, formerly of
Allegis Group.
Labor Source is the parent company of One Source Staffing and
Labor — a professional staffing company targeting disaster
restoration — and CATSTAFF, which provides laborers to restoration
contractors. Labor Source operates nationwide from offices in Kansas
City, Houston, Chicago, and New York City metropolitan areas.
“I was searching for partners who share our Midwestern work ethic
and have a proven track record of helping businesses grow,”
Sutherland said. “Great Range Capital, the Bradley Family, and Mike
Pitman fulfill those requirements and will help Labor Source reach the
next level.”
Great Range Capital, based in greater Kansas City, primarily targets
controlling equity investments in Midwestern companies with
revenues ranging from $20 million to $150 million.
Source: SEC filings, S&P Global Market Intelligence, Mergermarket, company press releases and
various news sources (e.g., Staffing Industry Analysts, American Staffing Association, The Deal, The
Wall Street Journal)
Notable Staffing
Transactions – Q4 2017
14. Capital Markets Industry Insights | Q1 2016Staffing Industry M&A Landscape – Winter 2018
Staffing firm ALKU acquired Holland Square Group, a healthcare IT
consulting services provider based in Franklin, Tenn. Holland Square
ranked No. 55 on this year’s list of fastest-growing staffing firms with
revenue of $26.4 million in 2016. The Nashville, Tenn.-based firm
provides IT consulting and staffing services to a range of healthcare
clients, including payers and healthcare services providers.
“We immediately recognized the unique opportunity that combining
with Holland Square Group represents for the ALKU portfolio,” said
Mark Eldridge CEO of ALKU. “It is clear that this partnership will
succeed because the two entities are focused on specific practice
areas and do not deviate from this specialized approach.”
Source: SEC filings, S&P Global Market Intelligence, Mergermarket, company press releases and
various news sources (e.g., Staffing Industry Analysts, American Staffing Association, The Deal, The
Wall Street Journal)
Notable Staffing
Transactions – Q4 2017
15. Staffing Industry M&A Landscape – Winter 2018
Staffing M&A Transactions
Q4 2017
Announced
Date
Seller Buyer Business Description
10/2/2017
Nationwide
Temporaries Inc.
NSC Technologies Provides personnel for the construction and light industrial segments.
10/2/2017 StaffMasters Hire Dynamics
Commercial staffing provider with 23 branches and eight on-site locations across North Carolina and South
Carolina. It’s more than 715 clients include contact (call) centers, warehouse and logistics operations,
administrative services and manufacturing facilities.
10/3/2017 Mullin International Adecco Group Provides outplacement services such as career transition solutions.
10/3/2017
Discover
Biopharmaceutical
Search and Placement
The Tolan Group A boutique executive search firm dedicated to the biopharmaceutical field.
10/10/2017
Progressive Employer
Management
Company
CoAdvantage Inc.
Provides payroll administration, workers’ compensation, risk management, employee benefits packages, and
human resource expertise solutions.
10/16/2017
UltraForce Staffing
Services
The William Gaston
Fund
Provides staffing on a temporary, temp-to-hire or a direct-hire basis as well as recruiting for engineering,
accounting and other professional positions.
10/16/2017
Gorman Health Group,
LLC
Convey Health Solutions
Inc.
Provides health care professional and software services.
10/17/2017
Wilson Human Capital
Group Inc.
CIP Capital
Provides enterprise RPO, sales, technology, veteran, university, healthcare, service leavers, graduate, and
diversity recruitment; and human capital consulting services.
10/20/2017
Cirrus Medical Staffing
Inc.
Webster Capital
Management, LLC
Places travel nursing and allied healthcare professionals nationwide.
Source: SEC filings, S&P Global Market Intelligence, Mergermarket, company press releases and
various news sources (e.g., Staffing Industry Analysts, American Staffing Association, The Deal, The
Wall Street Journal)
16. Staffing Industry M&A Landscape – Winter 2018
Staffing M&A Transactions
Q4 2017
Announced
Date
Seller Buyer Business Description
10/20/2017 Advance Med
American Health
Staffing Group Inc.
Provider of travel nurse staffing.
10/24/2017
GrapeTree Medical
Staffing, LLC
New MainStream
Capital
Focuses on CNA staffing in nursing homes and assisted living facilities, as well as LPNs and RNs in hospitals.
10/24/2017
Mitchell Actuarial
Recruiting, LLC
McGrath Systems Offers executive recruiting for the actuarial and benefits fields.
10/25/2017 Total HR Management CoAdvantage Inc.
Provides human resource administration services including, payroll administration, workers' compensation,
employee benefits, and human resource solutions.
10/30/2017 Search Group Solutions Hire Dynamics Capabilities in contact center and administrative positions in the healthcare fields.
11/2/2017 Accretive Solutions Inc.
Resources Connection
Inc.
Provides consulting, project resources, and outsourcing solutions to various organizations from start-ups to the
Fortune 500 in the United States and internationally. The company offers its solutions in the areas of accounting
and finance, governance and compliance, information technology, and business transformation.
11/9/2017 CorSource
Management Buyout
lead by Andrew
Hermann
Provides IT staffing services.
11/13/2017 Maguire & Fish Inc. Apartment List, Inc.
Provide temporary recruiting services and implement hiring strategies for social/mobile gaming, ed-tech, cannabis,
fin-tech, internet of things, pet-tech, online dating, e-commerce, employee wellness markets.
11/13/2017 Vaco Olympus Partners
Provides consulting, contract and direct hire services in sectors including accounting, finance, technology,
healthcare, operations and administration.
Source: SEC filings, S&P Global Market Intelligence, Mergermarket, company press releases and
various news sources (e.g., Staffing Industry Analysts, American Staffing Association, The Deal, The
Wall Street Journal)
17. Staffing Industry M&A Landscape – Winter 2018
Staffing M&A Transactions
Q4 2017
Source: SEC filings, S&P Global Market Intelligence, Mergermarket, company press releases and
various news sources (e.g., Staffing Industry Analysts, American Staffing Association, The Deal, The
Wall Street Journal)
Announced
Date
Seller Buyer Business Description
11/15/2017
Valley Healthcare
Staffing Inc.
TotalMed
Places traveling nurses, technicians and other medical personnel in temporary jobs. Also owns ValleyForce, a
marketing and recruitment automation engine that mechanizes the matching, marketing, submission and
onboarding of clinicians.
11/20/2017 Bridgepoint Consulting Addison Group Provides a range of finance, technology and risk/compliance consulting services.
11/27/2017 Broad Waverly Staffing Private Investor
Places temporary and permanent staff in clerical, light industrial, manufacturing, accounting and administrative
roles.
11/27/2017
Momentum Specialized
Staffing
AtWork Provide light industrial, administrative, medical, skilled labor and direct hire services.
12/4/2017 Labor Source Great Range Capital
Holding company for One Source Staffing and Labor, a professional staffing company targeting disaster
restoration; and CATSTAFF, which provides laborers to restoration contractors.
12/6/2017 Staff One HR Oasis Outsourcing Provides human resources and related PEO services.
12/7/2017 GAP Solutions Inc. System One
GAP Solutions’ services include human capital management, security process management, scientific and
technical expertise, and operations management.
12/11/2017 Holland Square Group ALKU
Provides IT consulting and staffing services to a range of healthcare clients, including payers and healthcare
services providers.
12/11/2017 Restorative Health Care Noor Inc.
Provides nursing and therapy services, including RNs and occupational, physical and speech therapy services for
chronic conditions, intermittent care, quadriplegics and disease management.
18. Staffing Industry M&A Landscape – Winter 2018
Staffing M&A Transactions
Q4 2017
Source: SEC filings, S&P Global Market Intelligence, Mergermarket, company press releases and
various news sources (e.g., Staffing Industry Analysts, American Staffing Association, The Deal, The
Wall Street Journal)
Announced
Date
Seller Buyer Business Description
12/12/2017
CDI Corp. (Aerospace
& Industrial Equipment
Division)
Belcan, LLC Provider of IT and engineering staffing for Aerospace industry.
12/18/2017
Hudson Global's
Europe operations
Value Plus NV Professional recruitment and talent management operations in Belgium, the Netherlands and Luxembourg.
12/18/2017
Hudson Global's
Europe operations
Morgan Philips Group
SA
Professional staffing operations in the UK, France, Spain and Poland as well as a network of franchise operations
in Denmark, Sweden, Norway, Czech Republic, Ukraine and Slovakia.
12/18/2017
Hudson Global's Asia
Pacific operations
Apache Group Holdings
Pty Ltd.
Professional recruitment and talent management operations in Asia Pacific.
12/18/2017 eSolve Randstad Group (Ausy)
Provider of IT management services, consulting and support for the development of IT infrastructures and
applications for German automotive industry.
12/22/2017
Magellan Search &
Staffing (temp division)
Diversified Staffing
Services Ltd.
Provides temporary staffing solutions such as accounting finance, information technology, and human resources.
12/22/2017 Trucking Unlimited TransForce Inc.
Trucking Unlimited operates www.truckdrivingjobs.com as its primary job board matching motor carriers with
professional truck drivers. The acquired company works with a truck driver database of more than 500,000 drivers
nationwide. It also operates www.TruckingCompaniesHiring.com, www.TruckingUnlimited.com,
www.TruckingIndustry.news and www.TruckersForum.com.
19. Capital Markets Industry Insights | Q1 2016Staffing Industry M&A Landscape – Winter 2018
Public Trading Data for
Staffing Companies
($ in millions, except per share amounts;
average excludes highest and lowest values)
Company Name Ticker
Price as of 52 Week % of 52
Week
High
Market
Cap
Enterprise
Value
LTM
Revenue
EBITDA LTM
EBITDA
Margin
EV/EBITDA
12/29/2017 Low High LTM 2017E LTM 2017E
Adecco Group AG ADEN $76.50 $68.18 $81.93 93.4% $13,026.3 $14,302.7 $27,741.4 $1,443.1 $1,544.2 5.2% 9.9x 9.3x
Barrett Business Services Inc. BBSI 64.49 44.52 69.32 93.0 470.8 438.9 896.8 31.8 39.1 3.5 13.8 11.2
GEE Group Inc. JOB 2.78 2.46 7.00 39.7 27.5 126.3 135.0 5.5 7.8 4.1 23.1 16.3
Kelly Services, Inc. KELY.A 27.27 20.27 30.93 88.2 1,047.9 1,049.6 5,256.5 98.9 108.0 1.9 10.6 9.7
ManpowerGroup Inc. MAN 126.11 88.39 131.99 95.5 8,357.1 8,703.5 20,352.9 878.3 862.4 4.3 9.9 10.1
Randstad Holding NV RAND 61.53 57.76 70.14 87.7 11,275.1 12,926.2 26,970.9 1,178.6 1,375.3 4.4 11.0 9.4
Staffing 360 Solutions Inc. STAF 3.15 2.25 6.60 47.7 12.2 66.9 185.3 4.5 7.9 2.5 NM 8.4
TrueBlue Inc. TBI 27.50 19.30 29.50 93.2 1,010.4 1,110.2 2,574.1 135.7 122.0 5.3 8.2 9.1
Average 83.9% $3,698.1 $4,059.1 $9,372.8 $388.1 $419.1 4.0% 11.0x 9.8x
Median 90.6% $1,029.1 $1,079.9 $3,915.3 $117.3 $115.0 4.2% 10.6x 9.6x
Commercial Staffing
DEFINITIONS
PEG Ratio: price earnings to growth
EBITDA: earnings before interest, taxes, depreciation and amortization
EPS: earnings per share
Enterprise Value: market capitalization + total debt + preferred equity + minority interest – cash and short-term investments
LTM: publicly announced last twelve months
Note: $ Millions, except for per share data. Average excludes the highest and lowest
values. EBITDA does not reflect adjustments for extraordinary items.
Source: S&P Global Market Intelligence as of December 29, 2017. Represents
publicly traded staffing companies tracked by Duff & Phelps.
20. Capital Markets Industry Insights | Q1 2016Staffing Industry M&A Landscape – Winter 2018
Public Trading Data for
Staffing Companies
($ in millions, except per share amounts;
average excludes highest and lowest values)
Company Name Ticker
Price as of 52 Week % of 52
Week
High
Market
Cap
Enterprise
Value
LTM
Revenue
EBITDA LTM
EBITDA
Margin
EV/EBITDA
12/29/2017 Low High LTM 2017E LTM 2017E
BG Staffing Inc. BGSF $15.94 $12.84 $18.85 84.6% $139.6 $183.3 $261.2 $23.4 $24.1 9.0% 7.8x 7.6x
Hudson Global Inc HSON 2.25 1.00 2.40 93.8 70.3 61.9 435.4 4.9 NA 1.1 12.7 NA
Kforce Inc. KFRC 25.25 16.75 26.95 93.7 637.3 765.5 1,341.4 72.7 78.5 5.4 10.5 9.7
Mastech Digital Inc. MHH 10.06 5.81 14.07 71.5 54.9 95.1 139.8 6.1 NA 4.4 15.5 NA
On Assignment Inc. ASGN 64.27 42.95 65.73 97.8 3,343.0 3,925.0 2,567.8 268.6 307.0 10.5 14.6 12.8
RCM Technologies Inc. RCMT 6.25 4.51 7.50 83.3 75.1 83.7 179.9 7.5 7.7 4.2 11.1 10.9
Resources Connection Inc. RECN 15.45 12.05 19.80 78.0 465.5 463.9 590.4 43.5 37.2 7.4 10.7 12.5
Robert Half International Inc. RHI 55.54 42.92 57.67 96.3 6,840.1 6,492.7 5,185.6 577.4 578.8 11.1 11.2 11.2
TSR Inc. TSRI 5.20 3.80 11.10 46.8 10.2 4.9 64.4 0.6 NA 0.9 8.6 NA
Volt Information Sciences Inc. VISI 3.80 2.16 8.75 43.5 79.8 160.1 1,247.5 6.1 6.9 0.5 NM 23.2
Average 81.0% $608.2 $717.3 $845.4 $54.1 $90.9 5.3% 11.4x 11.4x
Median 84.0% $109.7 $171.7 $512.9 $15.5 $37.2 4.9% 11.1x 11.2x
Professional Staffing
DEFINITIONS
PEG Ratio: price earnings to growth
EBITDA: earnings before interest, taxes, depreciation and amortization
EPS: earnings per share
Enterprise Value: market capitalization + total debt + preferred equity + minority interest – cash and short-term investments
LTM: publicly announced last twelve months
Note: $ Millions, except for per share data. Average excludes the highest and lowest
values. EBITDA does not reflect adjustments for extraordinary items.
Source: S&P Global Market Intelligence as of December 29, 2017. Represents
publicly traded staffing companies tracked by Duff & Phelps.
21. Capital Markets Industry Insights | Q1 2016Staffing Industry M&A Landscape – Winter 2018
Public Trading Data for
Staffing Companies
($ in millions, except per share amounts)
Company Name Ticker
Price as of 52 Week % of 52
Week
High
Market
Cap
Enterprise
Value
LTM
Revenue
EBITDA LTM
EBITDA
Margin
EV/EBITDA
12/29/2017 Low High LTM 2017E LTM 2017E
AMN Healthcare Services Inc. AMN $49.25 $33.61 $51.75 95.2% $2,352.8 $2,652.8 $1,967.2 $240.5 $253.8 12.2% 11.0x 10.5x
Cross Country Healthcare Inc. CCRN 12.76 11.07 16.38 77.9 465.5 550.7 867.9 39.3 44.2 4.5 14.0 12.5
Average 86.5% $1,409.1 $1,601.8 $1,417.6 $139.9 $149.0 8.4% 12.5x 11.5x
Median 86.5% $1,409.1 $1,601.8 $1,417.6 $139.9 $149.0 8.4% 12.5x 11.5x
Heidrick & Struggles International Inc. HSII $24.55 $17.90 $27.10 90.6% $461.2 $355.5 $611.8 $57.9 $59.3 9.5% 6.1x NM
Korn/Ferry International KFY 41.38 27.47 44.08 93.9 2,338.5 2,305.0 1,632.3 201.6 240.0 12.4 11.4 9.6
Average 92.2% $1,399.8 $1,330.2 $1,122.0 $129.8 $149.6 10.9% 8.8x 9.6x
Median 92.2% $1,399.8 $1,330.2 $1,122.0 $129.8 $149.6 10.9% 8.8x 9.6x
Executive & Retained Search
Healthcare Staffing
DEFINITIONS
PEG Ratio: price earnings to growth
EBITDA: earnings before interest, taxes, depreciation and amortization
EPS: earnings per share
Enterprise Value: market capitalization + total debt + preferred equity + minority interest – cash and short-term investments
LTM: publicly announced last twelve months
Note: $ Millions, except for per share data. Average excludes the highest and lowest
values. EBITDA does not reflect adjustments for extraordinary items.
Source: S&P Global Market Intelligence as of December 29, 2017. Represents
publicly traded staffing companies tracked by Duff & Phelps.
22. Capital Markets Industry Insights | Q1 2016Staffing Industry M&A Landscape – Winter 2018
Selected Duff & Phelps
Staffing Transactions
has been acquired by
a portfolio company of North
Texas Opportunity Fund LP,
has been acquired by
has been acquired by
and Prescott Legal
Professionals LP have been
acquired by
a portfolio company
a portfolio company
a division of MPS Group Inc.
a portfolio company
Sell Side Advisor Sell Side Advisor Sell Side Advisor Sell Side Advisor Sell Side Advisor
has been acquired by has been acquired by
Sell Side Advisor Sell Side Advisor Sell Side Advisor
has been acquired by
has been acquired by
has been acquired by
Sell Side Advisor
has been acquired by
Sell Side Advisor